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Visa Reports 11% Revenue Growth for 2025 as Network Scale Reinforces Moat

Investment commentary points to a wide moat from network effects that limits near-term threat from stablecoins.

Overview

  • Revenue for fiscal 2025, which ended Sept. 30, rose 11% to $40 billion.
  • Payments volume increased 8% to $16.7 trillion, with transactions up 10% and cross-border activity up 13%.
  • Visa’s network spans about 4.8 billion cards with acceptance at more than 150 million merchant locations worldwide.
  • Stablecoins are flagged as a potential competitor, yet card rewards and entrenched consumer habits pose adoption hurdles.
  • Since its 2008 IPO, Visa shares have delivered an estimated 2,550% total return as of Nov. 15.